We cannot know with any certainty what might have happened if a different government had been in power. However, the signs of a continued upswing in German business are there in the statistics. And it is certainly reasonable, therefore, to speculate that even without government intervention there might well have been a strong recovery, as there had been from the first major recession of the Weimar Republic in 1925.79 In 1933 private investment both in construction and stock-building was by far the largest single contributor to the recovery. In the labour market statistics this is mirrored in
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